Dental Financing News
BRT Financial Specializes in Business Loans.
There are 15 easy ways to receive Business Loans with the EasyCash Program BRT offers:
1 ) Medical Commercial Real Estate Financing
2 ) Medical Equipment Leasing
3 ) Medical Invoice Factoring
4 ) SBA Loan Program
5 ) Medical Accounts Receivable Financing
6 ) Medical Practice Loans
7 ) Medical Accounts Recievable Financing
8 ) Medical Practice Acquisition Financing
9 ) Medical Software Leasing
10) Medical Practice Start-Up Financing
11) Medical Practice Management Consultant Financing
12) Medical Practice Debt Consolidation
13) Medical Practice Marketing Consultant Financing
14) Medical Practice Working Capital Financing
15) Other Medical Financing
Hope you enjoy this article…
Medical Practice Financing: Understanding Credit...Factors that can Affect your Credit Score:
By Experian and Equifax
©2004 brtfinancial.com - BRT Financial, Inc. All rights reserved.
Chapter 7 is a complete liquidation of assets to settle all debts owed to creditors. This bankruptcy remains on your credit report for 10 years from the date it was filed, but can be disputed.
Chapter 13 is a reorganization of debt. Until this debt is paid for, dismissed, or discharged, the bankruptcy will reappear on your credit report (when disputed) as you make each payment over time. Non-dismissed or open Chapter 13 bankruptcies remain 10 years from the date filed.
Judgments, Tax Liens, & Student Loans
Regardless of what we accomplish with the credit report, you are still obligated to pay these debts. If you do not pay tax liens or student loans, the government can garnish your wages and take your taxes. Unpaid tax liens remain on your credit report indefinitely. (In the state of California only, unpaid tax liens remain 10 years from the date filed). Paid tax liens remain up to 7 years from the date released.
Repossessions, Charge-offs, Collections, & Late Payments
All of these negative items will remain on your credit report for a period of 7 years, but can be disputed and resolved.
Inquiries remain on your credit report for 2 years.
Improving your credit score
Paying your bills on time is the single most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you should minimize outstanding debt; avoid overextending yourself and applying for credit needlessly. In general, a score may improve, if you:
• Pay your bills on time. Delinquent payments and collections can have a major negative impact on a score.
• Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix - it probably won't raise your score.
• Pay off debt rather than moving it around. Also don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
• Close accounts you don't need. A high total credit limit may signal potential overextension. A total of three or four cards -- including gasoline or department store cards -- are usually good.
• Keep balances low on credit cards and other "revolving credit." High outstanding debt can affect a score. Try to keep your total account balance below 30% of your total available credit. For instance, if your cards have a total credit limit of $2,000, keep your total balance under $600.
• Correct any incorrect information that might appear on your credit report.
• Minimize the number of inquiries on your credit report. Don't apply for multiple credit cards over a short period of time, or for a card you're not likely to get.
• The longer you have a credit card (history) the higher your score will be. Having many credit cards with short histories will give you a lower score than having credit cards with long histories. Thus, do not close credit card accounts.
Items that make scores better
One common question that many consumers have regarding their credit score involves understanding how very specific actions will affect their credit score. For example, someone might ask if closing two of his/her installment accounts would improve his/her credit score. While this question may appear to be easy to answer, there are many factors to consider. A credit score is based entirely on the information found on an individual’s credit report.
Any change to the credit report could affect the individual’s scores. Simply closing two accounts not only lowers the number of open installment accounts (which generally will improve your score) but it also lowers the total number of all open accounts (which generally lowers your score). Furthermore, such an action will affect the average age of all accounts that could either raise or lower your score. As you can see, one seemingly simple change actually affects a large number of items on the credit report. Therefore, it is impossible to provide a completely accurate assessment of how one specific action will affect a person’s credit score. This is why the score factors are important. They identify what elements from your credit history are having the greatest impact so that you can take appropriate action.
Rebuilding Damaged Credit
Bad credit can happen to good people. Don't despair. There are ways you can get your credit back in shape. But you have to start working on it today -- and keep working hard to show potential creditors that you're serious about getting your credit back in order. As you do so, your credit score will improve, resulting in better credit offers and a substantial savings in money. With patience and timely repayments, you'll likely be able to build a new credit history that creditors will look upon favorably when making decisions about your ability to handle even more credit.
If your credit is severely damaged, or you have a very short credit history
Apply for a gasoline credit card, a department store card, or a secured credit card. Use the cards, and pay the balances on time.
Open new accounts and pay them off
Being able to repay a variety of new accounts is a key step in rebuilding your credit. That means that devising a strategy to open and pay off as many different kinds of accounts as you can is better than adding more debt to an existing credit card.
Rebuilding your credit can be similar to starting over from scratch, and starting small may be the easiest option. Credit cards from department stores or your local credit union can be useful.
Consider asking for help
If you can't qualify on your own, ask a friend or family member to cosign for a small loan or credit card. If you can stay current on a major credit card account or small auto loan, this will speed up the process of re-establishing good credit on your own.
Consider a secured credit card
They are guaranteed by a deposit that you make with the credit grantor. The cards offer the purchasing power of a major credit card. Just make sure the grantor reports payment histories to one of the three major credit bureaus so you're building your positive payment history.
Use your new accounts in moderation
And make payments that are more than the minimum. You can keep a small balance so that your positive payment history will continue to show up on your credit report.
Keep your balances low
Avoid carrying a balance that is more than 30% of your credit limit (creditors may view it as excessive debt that you may not be able to stay current with).
Be Patient-the Payoff Is Worth It
It takes some time for your new credit history to gain momentum. You're demonstrating that you are not depending on certain credit cards and loans for your financial survival.
That's why opening and paying down accounts may make it a little easier to get more credit. With patience and timely repayments, you'll likely be able to build a new credit history that creditors will look upon favorably when making decisions about your ability to handle even more credit.
Now’s the time for Dental Practice Financing and to consolidate your debt- personal and business!
Please feel free to reprint this article as long as it is left intact and all links are hyperlinked.
Thanks for reading the article and BRT Financial hopes you have taken action to increase your Business’s profits by financing.